Posted by Skylark68 on 19th of Apr 2020 at 08:17 pm
I got three small businesses funded, but it was only because JP
Morgan was directly integrated into the SBA system making
processing times faster. We also rode them daily to drive the
applications through their internal reviews to make sure they got
transmitted asap. The last one funded the day before they cut
off additional loans. Pretty sure it will get re-funded
shortly if not already........I think a $310 billion package is
about to be passed or already did.
The extra 310 billion will probably be funded by Wednesday if
they agree on the deal by tomorrow, but the real question is once
the economy starts opening up the sales volumes especially for
restaurants, retail stores, travel & hospitality will drop
significantly for many many months. How will they be able to
survive long term with 30%-50% drop in sales?
NYC has lost $10 billion in revenues. How do you make that
up? Economy was sputtering in 2019. Trillions went
into the market by way of buybacks, we are at 125% to GDP with the
trillions pumped into the market. IT has been propped up like
Weekend at Bernies for the last ty\wo years.
Posted by Skylark68 on 19th of Apr 2020 at 08:08 pm
The key is to get a loan number back from the SBA. Once
you have that, you'll get funded in 24 hours. Many banks are
not integrated to the SBA system, so it's manual and that cost many
businesses from getting their loans submitted to SBA and timely
reviewed prior to the shut off when funds ran out. Presumably
you do not need to re-apply when additional funds are allocated,
but you should closely monitor that to make certain.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
we also applied thru our
Posted by watcdy on 19th of Apr 2020 at 06:10 pm
we also applied thru our bank- about 1 1/2 weeks ago --approved by everyone at every level for the PPP---but have not received $$$$
It is a sham. How
Posted by ssaffer on 19th of Apr 2020 at 08:10 pm
It is a sham. How long can people wait until they have to close their doors for good? Owners cannot float everyone's pay for too much longer.
I got three small businesses
Posted by Skylark68 on 19th of Apr 2020 at 08:17 pm
I got three small businesses funded, but it was only because JP Morgan was directly integrated into the SBA system making processing times faster. We also rode them daily to drive the applications through their internal reviews to make sure they got transmitted asap. The last one funded the day before they cut off additional loans. Pretty sure it will get re-funded shortly if not already........I think a $310 billion package is about to be passed or already did.
The extra 310 billion will
Posted by under80 on 19th of Apr 2020 at 08:41 pm
The extra 310 billion will probably be funded by Wednesday if they agree on the deal by tomorrow, but the real question is once the economy starts opening up the sales volumes especially for restaurants, retail stores, travel & hospitality will drop significantly for many many months. How will they be able to survive long term with 30%-50% drop in sales?
NYC has lost $10 billion
Posted by ssaffer on 19th of Apr 2020 at 10:16 pm
NYC has lost $10 billion in revenues. How do you make that up? Economy was sputtering in 2019. Trillions went into the market by way of buybacks, we are at 125% to GDP with the trillions pumped into the market. IT has been propped up like Weekend at Bernies for the last ty\wo years.
The key is to get
Posted by Skylark68 on 19th of Apr 2020 at 08:08 pm
The key is to get a loan number back from the SBA. Once you have that, you'll get funded in 24 hours. Many banks are not integrated to the SBA system, so it's manual and that cost many businesses from getting their loans submitted to SBA and timely reviewed prior to the shut off when funds ran out. Presumably you do not need to re-apply when additional funds are allocated, but you should closely monitor that to make certain.